Progyny (NASDAQ:PGNY) Reaches New 12-Month Low on Analyst Downgrade

Progyny, Inc. (NASDAQ:PGNY) shares reached a new 52-week low during mid-day trading on Thursday after Leerink Partners lowered their price target on the stock from $25.00 to $21.00. Leerink Partners currently has a market perform rating on the stock. Progyny traded as low as $18.40 and last traded at $18.40, with a volume of 214782 shares changing hands. The stock had previously closed at $24.44.

A number of other equities analysts also recently weighed in on the company. BTIG Research downgraded Progyny from a “buy” rating to a “neutral” rating in a report on Wednesday, August 7th. Truist Financial dropped their price objective on shares of Progyny from $37.00 to $33.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Canaccord Genuity Group lowered shares of Progyny from a “buy” rating to a “hold” rating and decreased their target price for the company from $37.00 to $24.00 in a research note on Wednesday, August 7th. JMP Securities downgraded shares of Progyny from an “outperform” rating to a “market perform” rating in a research note on Thursday. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $37.00 price objective on shares of Progyny in a report on Tuesday, August 20th. Seven research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $31.50.

Insider Buying and Selling

In related news, Director Cheryl Scott sold 1,462 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $28.39, for a total value of $41,506.18. Following the transaction, the director now directly owns 10,098 shares of the company’s stock, valued at approximately $286,682.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Cheryl Scott sold 1,462 shares of the firm’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $28.39, for a total value of $41,506.18. Following the transaction, the director now directly owns 10,098 shares in the company, valued at approximately $286,682.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Michael E. Sturmer sold 9,030 shares of Progyny stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $30.00, for a total transaction of $270,900.00. Following the completion of the transaction, the president now owns 362,583 shares in the company, valued at approximately $10,877,490. The disclosure for this sale can be found here. 12.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Progyny

Hedge funds have recently added to or reduced their stakes in the business. Quarry LP lifted its holdings in shares of Progyny by 1,900.0% during the second quarter. Quarry LP now owns 880 shares of the company’s stock worth $25,000 after buying an additional 836 shares during the last quarter. TFC Financial Management Inc. bought a new stake in Progyny in the 1st quarter valued at $42,000. Financial Management Professionals Inc. acquired a new stake in Progyny in the 1st quarter worth $52,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Progyny during the 2nd quarter worth about $44,000. Finally, Cambridge Trust Co. bought a new position in shares of Progyny during the 1st quarter worth about $95,000. Institutional investors own 94.93% of the company’s stock.

Progyny Stock Down 30.7 %

The firm has a market cap of $1.61 billion, a price-to-earnings ratio of 27.75, a price-to-earnings-growth ratio of 1.88 and a beta of 1.45. The stock’s 50-day moving average price is $24.62 and its 200 day moving average price is $28.90.

Progyny (NASDAQ:PGNY) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.17 EPS for the quarter, hitting analysts’ consensus estimates of $0.17. The company had revenue of $304.09 million during the quarter, compared to the consensus estimate of $305.32 million. Progyny had a return on equity of 11.97% and a net margin of 5.54%. The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the company earned $0.15 EPS. On average, research analysts predict that Progyny, Inc. will post 0.64 EPS for the current year.

About Progyny

Progyny, Inc, a benefits management company, specializes in fertility and family building benefits solutions in the United States. Its fertility benefits solution includes differentiated benefits plan design, personalized concierge-style member support services, and selective network of fertility specialists.